The quick answer. Real Bills do not exist. They have not existed since March 8, 1933.

So, quantitatively eased notes have nothing to do with Real Bills.

To learn about Real Bills, I suggest "The Wealth of Nations" 1776, by Adam Smith. The Modern Library Edition, New York has the details starting on page 324.

Maybe after reading up on Real Bills, you will be able to clear your mind of the cobb webs that is your present paradigm of a monetary system. ….. Posted by Bischoff on 03/31/12 01:11 PM

Thanks for that super reply, Bischoff, which is more an avoidance of an answer than anything else. Such refined ambiguity tells much though, and in most all cases, everything that one would need to know but was clearly missing.

What do you think of the crazy great games being played today in all manner of markets? Apart from, that is, pretty darned poor and incredibly sub-prime?